[November 29, 2017] |
|
Guidewire Software Announces First Quarter Fiscal 2018 Financial Results
Guidewire Software, Inc. (NYSE: GWRE), a provider of software products
to Property and Casualty insurers, today announced its financial results
for the fiscal quarter ended October 31, 2017.
"We exceeded our guidance for revenue and operating income for the first
quarter of fiscal 2018," said Marcus Ryu, chief executive officer,
Guidewire Software. "We were also gratified that our recent user
conference attracted 25% greater attendance than last year. At
Connections we showcased enhancements to our core, digital, and data
products, our industry platform ambition, and our progress toward
delivering all Guidewire products in the cloud. We also introduced our
newly-acquired Cyence business, unveiled several next-generation digital
and data analytics products, and expanded the scope of Guidewire
Marketplace."
Ryu continued, "Connections is also a key opportunity to refresh our
understanding of how our customers and prospects are approaching their
transformation journeys. This year our new cloud-based solutions
received strong positive feedback, and we noted an increased willingness
to consider cloud-based core systems as well. As a result, today we
expect our mix of sales to feature more subscriptions and fewer
perpetual and term sales than our initial expectations for fiscal 2018."
First Quarter Fiscal 2018 Financial Highlights
Revenue
-
Total revenue for the first quarter of fiscal 2018 was $108.2 million,
an increase of 15% from the same quarter in fiscal 2017. Services
revenue was $59.1 million, an increase of 52%, and maintenance revenue
was $18.9 million, an increase of 15%. License and other revenue was
$30.1 million, a decrease of 22% from the first quarter of fiscal 2017.
-
Rolling four-quarter recurring term license and maintenance revenue
was $324.8 million for the period ended October 31, 2017, an increase
of 19% compared to the same metric for the period ended October 31,
2016.
Profitability
-
GAAP loss from operations was $32.7 million for the first quarter of
fiscal 2018, compared with a loss of $18.3 million in the comparable
period in fiscal 2017.
-
Non-GAAP loss from operations was $8.3 million for the first quarter
of fiscal 2018, compared with $1.0 million in the comparable period in
fiscal 2017.
-
GAAP net loss was $8.9 million for the first quarter of fiscal 2018,
compared with a net loss of $7.9 million for the comparable period in
fiscal 2017. GAAP net loss per share was $0.12, based on diluted
weighted average shares outstanding of 75.2 million, compared with
$0.11 net loss per share for the comparable period in fiscal 2017,
based on diluted weighted average shares outstanding of 73.3 million.
-
Non-GAAP net loss was $4.8 million for the first quarter of fiscal
2018, compared with a net income of $1.1 million in the comparable
period in fiscal 2017. Non-GAAP net loss per diluted share was $0.06,
based on diluted weighted average shares outstanding of 75.2 million,
compared with net income per diluted share of $0.02 in the comparable
period in fiscal 2017, based on diluted weighted average shares
outstanding of 74.6 million.
Liquidity
-
The Company had $653.5 million in cash, cash equivalents and
investments at October 31, 2017, compared with $687.8 million at
July 31, 2017. The Company used $31.2 million cash from operations in
the first quarter of fiscal 2018, reflecting normal seasonal patterns.
Business Outlook
Guidewire is issuing the following outlook for the second quarter and
fiscal 2018, including the impact of the previously announced
acquisition of Cyence, based on current expectations:
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(in $ millions, except per share outlook)
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|
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Second Quarter Fiscal Year 2018
|
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Full Year Fiscal 2018
|
Revenue
|
|
|
152.0
|
|
|
-
|
|
156.0
|
|
|
|
631.0
|
|
|
-
|
|
641.0
|
|
License and other revenue
|
|
|
76.0
|
|
|
-
|
|
78.0
|
|
|
|
302.0
|
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|
-
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312.0
|
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Maintenance revenue
|
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18.0
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|
-
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19.0
|
|
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73.0
|
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|
-
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75.0
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Services revenue
|
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57.5
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|
-
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59.5
|
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250.0
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|
-
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260.0
|
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GAAP operating income/(loss)
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(16.1
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)
|
|
-
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(12.1
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)
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|
|
(35.0
|
)
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|
-
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|
(25.0
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)
|
Non-GAAP operating income/(loss)
|
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|
18.0
|
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|
-
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22.0
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90.0
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|
|
-
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100.0
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GAAP net income/(loss)
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(25.9
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)
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-
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(22.5
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)
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(20.7
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)
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-
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(12.2
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)
|
GAAP net income/(loss) per share
|
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|
(0.34
|
)
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|
-
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|
(0.30
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)
|
|
|
(0.27
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)
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-
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|
(0.16
|
)
|
Non-GAAP net income/(loss)
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13.2
|
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-
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15.8
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63.3
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|
-
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69.9
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Non-GAAP net income/(loss) per share
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0.17
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-
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0.21
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|
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0.82
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|
-
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0.90
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|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
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Non-GAAP income from operations and non-GAAP net income exclude
stock-based compensation expense and amortization of intangible assets.
The GAAP and non-GAAP estimated annual tax rates used to compute net
income and EPS exclude discrete items such as forecasted tax benefits
related to share-based compensation.
Conference Call Information
What:
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Guidewire Software First Quarter Fiscal 2018 Financial Results
Conference Call
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When:
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Wednesday, November 29, 2017
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Time:
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2:00 p.m. PT (5:00 p.m. ET)
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Live Call:
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(800) 289-0438, Domestic
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(323) 794-2423, International
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Replay:
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(844) 512-2921, Passcode 9517261, Domestic
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(412) 317-6671, Passcode 9517261, International
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Webcast:
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http://ir.guidewire.com
(live and replay)
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The webcast will be archived on Guidewire's website for a period of
three months.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures:
Non-GAAP operating income, Non-GAAP net income (loss), Non-GAAP net
income (loss) per share and Non-GAAP tax provision (benefit). These
Non-GAAP financial measures exclude stock-based compensation and
amortization of intangibles, and the tax effect of these adjustments for
Non-GAAP net income (loss) and Non-GAAP net income (loss) per share.
Guidewire believes that these non-GAAP measures of financial results
provide useful information to management and investors regarding certain
financial and business trends relating to Guidewire's financial
condition and results of operations. The Company's management uses these
non-GAAP measures to compare the Company's performance to that of prior
periods for trend analysis, for purposes of determining executive and
senior management incentive compensation and for budgeting and planning
purposes. The Company believes that the use of these non-GAAP financial
measures provides an additional tool for investors to use in evaluating
ongoing operating results and trends and in comparing the Company's
financial measures with other software companies, many of which present
similar non-GAAP financial measures to investors.
Management of the Company does not consider these non-GAAP measures in
isolation or as an alternative to financial measures determined in
accordance with GAAP. The principal limitation of these non-GAAP
financial measures is that they exclude significant expenses and income
that are required by GAAP to be recorded in the Company's financial
statements. In addition, they are subject to inherent limitations as
they reflect the exercise of judgment by management about which expenses
and income are excluded or included in determining these non-GAAP
financial measures. Guidewire urges investors to review the
reconciliation of its non-GAAP financial measures to the comparable GAAP
financial measures, which it includes in press releases announcing
quarterly financial results, including this press release, and not to
rely on any single financial measure to evaluate the Company's business.
Reconciliation tables of the most comparable GAAP financial measures to
the non-GAAP financial measures used in this press release are included
with the financial tables at the end of this release.
About Guidewire Software Guidewire delivers the software
that Property and Casualty (P&C) insurers need to adapt and succeed in a
time of rapid industry change. We combine three elements -- core
operations, data and analytics, and digital engagement -- into an
insurance platform that enhances insurers' ability to engage and empower
their customers and employees. More than 300 P&C insurers around the
world have selected Guidewire. For more information, please visit www.guidewire.com.
Follow us on twitter: @Guidewire_PandC.
NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire
PolicyCenter, and Guidewire BillingCenter are registered trademarks of
Guidewire Software, Inc. in the United States and/or other countries.
Cautionary Language Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to, statements
regarding our financial outlook, market positioning and future
investments. These forward-looking statements are made as of the date
they were first issued and were based on current expectations,
estimates, forecasts and projections as well as the beliefs and
assumptions of management. Words such as "expect," "anticipate,"
"should," "believe," "hope," "target," "project," "goals," "estimate,"
"potential," "predict," "may," "will," "might," "could," "intend,"
variations of these terms or the negative of these terms and similar
expressions are intended to identify these forward-looking statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that are
beyond Guidewire's control. Guidewire's actual results could differ
materially from those stated or implied in forward-looking statements
due to a number of factors, including but not limited to, risks detailed
in Guidewire's most recent Forms 10-K and 10-Q filed with the Securities
and Exchange Commission as well as other documents that may be filed by
the Company from time to time with the Securities and Exchange
Commission. In particular, the following factors, among others, could
cause results to differ materially from those expressed or implied by
such forward-looking statements: the market for our software may develop
more slowly than expected or than it has in the past; quarterly and
annual operating results may fluctuate more than expected; seasonal and
other variations related to our revenue recognition may cause
significant fluctuations in our results of operations and cash flows;
our reliance on sales to and renewals from a relatively small number of
large customers for a substantial portion of our revenues; our services
revenues produce lower gross margins than our license and maintenance
revenues; assertions by third parties that we violate their intellectual
property rights could substantially harm our business; we face intense
competition in our market; weakened global economic conditions may
adversely affect the P&C insurance industry including the rate of
information technology spending; our product development and sales
cycles are lengthy; the risk of losing key employees; changes in foreign
exchange rates; general political or destabilizing events, including
war, conflict or acts of terrorism; and other risks and uncertainties.
Past performance is not necessarily indicative of future results. The
forward-looking statements included in this press release represent
Guidewire's views as of the date of this press release. The Company
anticipates that subsequent events and developments will cause its views
to change. Guidewire undertakes no intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. These forward-looking
statements should not be relied upon as representing Guidewire's views
as of any date subsequent to the date of this press release.
|
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(unaudited, in thousands)
|
|
|
|
|
|
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|
October 31, 2017
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|
|
July 31, 2017
|
ASSETS
|
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CURRENT ASSETS:
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|
|
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|
|
Cash and cash equivalents
|
|
|
$
|
255,399
|
|
|
|
$
|
263,176
|
|
Short-term investments
|
|
|
305,685
|
|
|
|
310,027
|
|
Accounts receivable
|
|
|
78,408
|
|
|
|
79,433
|
|
Prepaid expenses and other current assets
|
|
|
28,142
|
|
|
|
26,604
|
|
Total current assets
|
|
|
667,634
|
|
|
|
679,240
|
|
Long-term investments
|
|
|
92,388
|
|
|
|
114,585
|
|
Property and equipment, net
|
|
|
13,806
|
|
|
|
14,376
|
|
Intangible assets, net
|
|
|
66,538
|
|
|
|
71,315
|
|
Deferred tax assets, net
|
|
|
146,005
|
|
|
|
37,430
|
|
Goodwill
|
|
|
141,924
|
|
|
|
141,851
|
|
Other assets
|
|
|
21,853
|
|
|
|
20,104
|
|
TOTAL ASSETS
|
|
|
$
|
1,150,148
|
|
|
|
$
|
1,078,901
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
14,233
|
|
|
|
$
|
13,416
|
|
Accrued employee compensation
|
|
|
24,579
|
|
|
|
48,882
|
|
Deferred revenues, current
|
|
|
86,661
|
|
|
|
91,243
|
|
Other current liabilities
|
|
|
9,959
|
|
|
|
10,075
|
|
Total current liabilities
|
|
|
135,432
|
|
|
|
163,616
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Deferred revenues, noncurrent
|
|
|
24,519
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|
|
|
19,892
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Other liabilities
|
|
|
1,796
|
|
|
|
2,112
|
|
Total liabilities
|
|
|
161,747
|
|
|
|
185,620
|
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STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
Common stock
|
|
|
8
|
|
|
|
8
|
|
Additional paid-in capital
|
|
|
850,705
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|
|
|
830,014
|
|
Accumulated other comprehensive loss
|
|
|
(6,567
|
)
|
|
|
(5,796
|
)
|
Retained earnings
|
|
|
144,255
|
|
|
|
69,055
|
|
Total stockholders' equity
|
|
|
988,401
|
|
|
|
893,281
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
$
|
1,150,148
|
|
|
|
$
|
1,078,901
|
|
|
|
|
|
|
|
|
|
|
|
|
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GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(unaudited, in thousands except share and per share data)
|
|
|
|
|
|
|
|
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|
|
Three Months Ended October 31,
|
|
|
|
2017
|
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
License and other
|
|
|
$
|
30,093
|
|
|
|
$
|
38,721
|
|
Maintenance
|
|
|
18,930
|
|
|
|
16,532
|
|
Services
|
|
|
59,148
|
|
|
|
38,874
|
|
Total revenues
|
|
|
108,171
|
|
|
|
94,127
|
|
Cost of revenues: (1)
|
|
|
|
|
|
|
License and other
|
|
|
6,715
|
|
|
|
2,430
|
|
Maintenance
|
|
|
3,467
|
|
|
|
3,325
|
|
Services
|
|
|
52,712
|
|
|
|
36,264
|
|
Total cost of revenues
|
|
|
62,894
|
|
|
|
42,019
|
|
Gross profit:
|
|
|
|
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|
|
License and other
|
|
|
23,378
|
|
|
|
36,291
|
|
Maintenance
|
|
|
15,463
|
|
|
|
13,207
|
|
Services
|
|
|
6,436
|
|
|
|
2,610
|
|
Total gross profit
|
|
|
45,277
|
|
|
|
52,108
|
|
Operating expenses: (1)
|
|
|
|
|
|
|
Research and development
|
|
|
35,711
|
|
|
|
30,750
|
|
Sales and marketing
|
|
|
23,610
|
|
|
|
25,500
|
|
General and administrative
|
|
|
18,671
|
|
|
|
14,160
|
|
Total operating expenses
|
|
|
77,992
|
|
|
|
70,410
|
|
Loss from operations
|
|
|
(32,715
|
)
|
|
|
(18,302
|
)
|
Interest income
|
|
|
1,908
|
|
|
|
1,342
|
|
Other expense, net
|
|
|
(262
|
)
|
|
|
(681
|
)
|
Loss before income taxes
|
|
|
(31,069
|
)
|
|
|
(17,641
|
)
|
Benefit from income taxes
|
|
|
(22,155
|
)
|
|
|
(9,783
|
)
|
Net loss
|
|
|
$
|
(8,914
|
)
|
|
|
$
|
(7,858
|
)
|
Net loss per share:
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.12
|
)
|
|
|
$
|
(0.11
|
)
|
Diluted
|
|
|
$
|
(0.12
|
)
|
|
|
$
|
(0.11
|
)
|
Shares used in computing net loss per share:
|
|
|
|
|
|
|
Basic
|
|
|
75,187,430
|
|
|
|
73,293,467
|
|
Diluted
|
|
|
75,187,430
|
|
|
|
73,293,467
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts include stock-based compensation expense as
follows:
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|
|
|
|
|
|
Three Months Ended October 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
(unaudited, in thousands)
|
Stock-based compensation expenses:
|
|
|
|
|
|
|
Cost of license revenue
|
|
|
$
|
174
|
|
|
|
$
|
51
|
Cost of maintenance revenues
|
|
|
455
|
|
|
|
413
|
Cost of services revenues
|
|
|
5,226
|
|
|
|
4,695
|
Research and development
|
|
|
4,912
|
|
|
|
4,467
|
Marketing and sales
|
|
|
4,217
|
|
|
|
4,223
|
General and administrative
|
|
|
4,639
|
|
|
|
4,028
|
Total stock-based compensation expenses
|
|
|
$
|
19,623
|
|
|
|
$
|
17,877
|
|
|
|
|
|
|
|
|
|
|
|
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended October 31,
|
|
|
|
2017
|
|
|
2016
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(8,914
|
)
|
|
|
$
|
(7,858
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
6,634
|
|
|
|
3,074
|
|
Stock-based compensation
|
|
|
19,623
|
|
|
|
17,877
|
|
Deferred income tax
|
|
|
(23,708
|
)
|
|
|
(10,502
|
)
|
Amortization of premium on available-for-sale securities, and other
non-cash items
|
|
|
210
|
|
|
|
467
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
855
|
|
|
|
8,682
|
|
Prepaid expenses and other assets
|
|
|
(3,575
|
)
|
|
|
191
|
|
Accounts payable
|
|
|
1,868
|
|
|
|
902
|
|
Accrued employee compensation
|
|
|
(23,953
|
)
|
|
|
(21,300
|
)
|
Other liabilities
|
|
|
(356
|
)
|
|
|
(1,251
|
)
|
Deferred revenues
|
|
|
68
|
|
|
|
(3,192
|
)
|
Net cash used in operating activities
|
|
|
(31,248
|
)
|
|
|
(12,910
|
)
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Purchases of available-for-sale securities
|
|
|
(66,843
|
)
|
|
|
(200,893
|
)
|
Sales of available-for-sale securities
|
|
|
93,039
|
|
|
|
157,163
|
|
Purchases of property and equipment
|
|
|
(1,899
|
)
|
|
|
(2,474
|
)
|
Capitalized software development costs
|
|
|
(517
|
)
|
|
|
-
|
|
Acquisitions of business, net of acquired cash
|
|
|
-
|
|
|
|
(33,593
|
)
|
Net cash provided by (used in) investing activities
|
|
|
23,780
|
|
|
|
(79,797
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Proceeds from issuance of common stock upon exercise of stock options
|
|
|
365
|
|
|
|
1,112
|
|
Net cash provided by financing activities
|
|
|
365
|
|
|
|
1,112
|
|
Effect of foreign exchange rate changes on cash and cash equivalents
|
|
|
(674
|
)
|
|
|
(924
|
)
|
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
|
(7,777
|
)
|
|
|
(92,519
|
)
|
CASH AND CASH EQUIVALENTS-Beginning of period
|
|
|
263,176
|
|
|
|
223,582
|
|
CASH AND CASH EQUIVALENTS-End of period
|
|
|
$
|
255,399
|
|
|
|
$
|
131,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
(unaudited, in thousands except share and per share data)
|
|
|
|
|
|
|
|
The following tables reconcile the specific items excluded from GAAP
in the calculation of non-GAAP financial measures for the periods
indicated below:
|
|
|
|
Three Months Ended October 31,
|
|
|
|
2017
|
|
|
2016
|
Income (loss) from operations reconciliation:
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
$
|
(32,715
|
)
|
|
|
$
|
(18,302
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
Stock-based compensation (1)
|
|
|
19,623
|
|
|
|
17,877
|
|
Amortization of intangibles (1)
|
|
|
4,776
|
|
|
|
1,438
|
|
Non-GAAP (loss) income from operations
|
|
|
$
|
(8,316
|
)
|
|
|
$
|
1,013
|
|
|
|
|
|
|
|
|
Net income (loss) reconciliation:
|
|
|
|
|
|
|
GAAP net loss
|
|
|
$
|
(8,914
|
)
|
|
|
$
|
(7,858
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
Stock-based compensation (1)
|
|
|
19,623
|
|
|
|
17,877
|
|
Amortization of intangibles (1)
|
|
|
4,776
|
|
|
|
1,438
|
|
Tax impact on non-GAAP adjustments (2)
|
|
|
(20,283
|
)
|
|
|
(10,336
|
)
|
Non-GAAP net (loss) income
|
|
|
$
|
(4,798
|
)
|
|
|
$
|
1,121
|
|
|
|
|
|
|
|
|
Tax (benefits) provision reconciliation:
|
|
|
|
|
|
|
GAAP tax benefits
|
|
|
$
|
(22,155
|
)
|
|
|
$
|
(9,783
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
6,470
|
|
|
|
5,721
|
|
Amortization of intangibles
|
|
|
1,575
|
|
|
|
460
|
|
Other income tax effects and adjustments
|
|
|
12,238
|
|
|
|
4,155
|
|
Non-GAAP tax (benefits) provision
|
|
|
$
|
(1,872
|
)
|
|
|
$
|
553
|
|
|
|
|
|
|
|
|
Earnings per share reconciliation:
|
|
|
|
|
|
|
GAAP loss per share - Diluted
|
|
|
$
|
(0.12
|
)
|
|
|
$
|
(0.11
|
)
|
Amortization of intangibles acquired in business combinations
|
|
|
0.06
|
|
|
|
0.02
|
|
Stock-based compensation
|
|
|
0.26
|
|
|
|
0.24
|
|
Less tax benefit of non GAAP items
|
|
|
(0.26
|
)
|
|
|
(0.14
|
)
|
Non-GAAP dilutive shares excluded from GAAP EPS calculation (3)
|
|
|
-
|
|
|
|
0.01
|
|
Non-GAAP (loss) earnings per share - Diluted
|
|
|
$
|
(0.06
|
)
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
Shares used in computing non-GAAP per share amounts:
|
|
|
|
|
|
|
GAAP weighted average shares - Diluted
|
|
|
75,187,430
|
|
|
|
73,293,467
|
|
Non-GAAP dilutive shares excluded from GAAP EPS calculation (3)
|
|
|
-
|
|
|
|
1,291,775
|
|
Pro forma weighted average shares - Diluted
|
|
|
75,187,430
|
|
|
|
74,585,242
|
|
(1) Adjustments relate to amortization of acquired intangibles and
stock-based compensation recognized during the period for GAAP purposes. (2)
Adjustment reflects the tax benefit resulting from all non-GAAP
adjustments. (3) Due to the occurrence of a net loss on a GAAP
basis, potentially dilutive securities were excluded from the
calculation of GAAP earnings per share, as they would have an
anti-dilutive effect. However, as net income was earned on a non-GAAP
basis, these shares have a dilutive effect on a Non-GAAP earnings per
share and are included here.
|
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
|
Reconciliation of GAAP to Non-GAAP Outlook
|
The following tables reconcile the specific items excluded from GAAP
in the calculation of non-GAAP outlook for the periods indicated
below:
|
|
(in $ millions)
|
|
|
Second Quarter Fiscal Year 2018
|
|
|
Full Year Fiscal 2018
|
Outlook reconciliation: GAAP and non-GAAP operating income/(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
|
|
|
(16.1
|
)
|
|
-
|
(12.1
|
)
|
|
|
(35.0
|
)
|
|
-
|
(25.0
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
25.7
|
|
|
-
|
26.7
|
|
|
|
94.9
|
|
|
-
|
97.9
|
|
Amortization of intangibles
|
|
|
7.7
|
|
|
-
|
8.2
|
|
|
|
28.0
|
|
|
-
|
29.0
|
|
Non-GAAP operating income
|
|
|
18.0
|
|
|
-
|
22.0
|
|
|
|
90.0
|
|
|
-
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outlook reconciliation: GAAP and non-GAAP net income/(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
|
|
(25.9
|
)
|
|
-
|
(22.5
|
)
|
|
|
(20.7
|
)
|
|
-
|
(12.2
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
25.7
|
|
|
-
|
26.7
|
|
|
|
94.9
|
|
|
-
|
97.9
|
|
Amortization of intangibles
|
|
|
7.7
|
|
|
-
|
8.2
|
|
|
|
28.0
|
|
|
-
|
29.0
|
|
Non-GAAP tax impact
|
|
|
5.0
|
|
|
-
|
4.2
|
|
|
|
(41.1
|
)
|
|
-
|
(43.0
|
)
|
Non-GAAP net income
|
|
|
13.2
|
|
|
-
|
15.8
|
|
|
|
63.3
|
|
|
-
|
69.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171129006256/en/
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